Word: libor
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Dates: during 2000-2009
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...Because all of these countries are growing more robustly than the U.S., their interest rates are higher, thus creating a short-term opportunity for traders. Here's how it works with a currency like the Indonesian rupiah: the six-month London Interbank Offer Rate (or LIBOR, the benchmark for U.S. dollar borrowing), is now hovering at slightly less than 1%. That rock-bottom rate stands in stark contrast to the 6.5-7% rate of interest one can get from a short-term money market bill in Indonesia, where the 5-year government bond currently yields roughly 9%. The wide...
...highlighted his long-term plans for education, energy independence and health care - all of which, he argues, are essential to the long-range vitality of the U.S. economy. But to borrow from Keynes again, in the long term, we'll be dead, and in the short term, the LIBOR rate - that esoteric measure of financial vigor - has been creeping in the wrong direction again. "The public really needs to know what he thinks is important," says a senior Democrat. "There's no prioritization...
...tearful Alan Greenspan confessed yesterday that he never was Chairman of the Federal Reserve Board, as he alleged in his best-selling autobiography, Irrational Exuberance, published last fall. The book's melodramatic descriptions of gray-haired men sitting around large conference tables talking about things like "libor" and "basis points" were "complete fiction," Greenspan now admits. He said he would return the $8.5 million advance he received from his publisher "just as soon as I can get back to the Fed and print it. Oh, wait. I made that up. I've never been inside the Fed in my life...
...more mind-boggling question: Will we ever get a TIME magazine with complete pagination? LIBOR BROM Barrington...